Well, go figure, today I got a print letter from Elan in my mailbox...
==========
Please reference ID XXXXXXXXXX
Account(s) ending in: XXXX, XXXX
Closed effective 7/2/2025
Dear customer,
Please be advised that Elan Financial Services has elected to close your credit card account(s) referenced above in accordance with the terms and conditions of your Cardmember Agreement. In the section of the Agreement titled Cancellation of Your Account, it highlights that we may cancel your account by providing notice to you. Your Agreement is included with the documentation provided when a new account is opened, and you may also contact the customer service numbr on the back of your card to request a copy of your Agreement.
The account is closed effective immediately. Any outstanding balance remains due and payable in accordance with the terms of the Agreement, and you will continue to receive monthly statements until the account is paid in full. All rewards are forfeited at account closure, subject to applicable law.
If you have any questions concerning this letter, please contact us at 833-868-4983, Monday-Friday,8 a.m. to 7 p.m. EST. We accept relay calls. Please understand that your local branch does not have the details to assist you with this matter.
Sincerely,
Account Closure Department
The creditor and issuer of this credit card is Elan Financial Services.
==========
So that's it. They closed it because the terms say they don't need a reason.
My MCP had a $25K limit, zero account balance, and about $44 in unclaimed cash back rewards. The ER+ had $4K limit, zero balance, zero unclaimed rewards.
Be careful out there.
@ocheosa wrote:
@MrDisco99 wrote:
@ocheosa wrote:
@MrDisco99 wrote:I've had an Elan (Renasant Bank) MCP for the last 3 years that I've used to pay my utility bills each month. That's several hundred dollars each month and I paid in full religiously and never missed a payment. I also got an Everyday Rewards+ card that I briefly used for restaurant spend but has mostly been in the sock drawer for the last year or so.
Yesterday I tried to pay my gas bill with my MCP as is my usual routine and the transaction was declined. I called the number on the back of the card and they told me my account was closed, could not explain why, and gave me a number to call. So I called that number and spoke to someone else who looked me up and told me that "due to the terms of the deposit account agreement the accounts have been closed." I told him I don't have a deposit account, and asked what terms I was afoul of. He told me he couldn't tell me anything else.
So yeah... if you have account with Elan they might just shut you down and not tell you why.
@MrDisco99 , If you recall the app asked if you had a deposit account. I think the easy access to bank/credit union websites and issuing of cards w/o following guidelines is now being corrected.
Lately, when browsing different banks who have elan seriviced cards, I've noticed you have to login to online banking in order to apply for cards.
It was 3 years ago. I don't remember anything about that application process.
You reminded me of something I forgot to mention, though... when I asked about the supposed "deposit account agreement" the guy on the phone asked me if I'd remembered the document I'd signed when I accepted the card. Of course I told him no, because I don't remember signing anything, and even if I did, I certainly don't remember what was in it. He said I'd agreed to terms in that document. I asked what specific terms were causing my accounts to be closed and he couldn't answer. So I still don't know what document I supposedly signed or what was in it.
If cardholders are supposed to have deposit accounts and they are cracking down on that, then I guess that would be a reasonable explanation. He could've just said so, though. And it's kind of annoying for them to be enforcing that policy retroactively.
We can never be sure the exact reason why banks close accounts without notice. They can/and do use whatever reason they find best fits to cease relationship. I can confirm that elan does credit bureau account reviews often. Not sure if that may have also contributed to this decision.
My first MCP was under that direct elan general application site. I left the account relationship box empty and they sent me a Bank of Ca MC. When I applied for my 2nd MCP and business cards, I first opened deposit accounts with associated local banks .
On the application it asked-
ACCOUNT RELATIONSHIP INFORMATION
$???? Checking, Savings, and Money Mar...
$???? Investments and Retirement Accoun...
IMPORTANT TERMS AND APPLICATION AGREEMENT
"You agree that, in order to open and administer the Account that may be established as a result of this Application, we and the correspondent financial institution that solicited this Application may share certain information about you and your ongoing Account activity. By submitting this application, you certify that you read and understood the disclosures here and you agree to the terms of this Application."
terms
I'm fine on a bureau account review. Some of my cards report small balances, but I pay in full every month and my scores are 800+.
I remember when I applied for these cards, I went through the bank's website, but it redirected me to an Elan site for the card application. I don't remember it asking about relationship info, but like I said above, if it did I would've just put none.
I believe they're legally required to give you the reason they're closing a credit card account.
@SouthJamaica wrote:I believe they're legally required to give you the reason they're closing a credit card account.
Yeah, well, they didn't.
Even if that's true, I can't do anything about it anyway. There's no point trying to get the CFPB (or any Federal agency) to enforce regulation, and the card agreement includes forced arbitration.
@Kforce wrote:
@SouthJamaica wrote:I believe they're legally required to give you the reason they're closing a credit card account.
This was the reason from, BMO:
BMO Bank N.A. ("BMO"), the issuer of MBO credit cards in the US, conducts regular reviews of our customer accounts. One reason we do this is to identify relationships that may not fit witin our requirements.
This letter is to inform you that after careful consideration, BMO has closed the above account as of March 31,2025, in accordance with the terms of our cardholder agreement with you, which allows us to close your account at any time for any reason. We are unable to reconsider this decision.
I sense a trend.
@Varsity_Lu wrote:
@MrDisco99 wrote:
Anyone have recommendations for rewards on utilities (other than USBank Cash+)?
Huntington Voice. I'd go with it over the Venmo Visa which is a Synchrony card.
Isn't Huntington Geofenced?
